09/10/2012

This week's Weekly Geopolitical News and Analysis will appear on Tuesday, September 11th. That is because tonight this writer will be appearing live on Japanese Sky TV where he will be allowed to talk about some of the things discussed in the news-letter. Also, perhaps there will be some new 911 surprise to write about (then again perhaps not).

Japanese Financial Services Minister Tadahiro Matsushita, who since taking the post in June led a crackdown on insider trading that triggered resignations of the top two executives at Nomura Holdings Inc. (8604), has died. He was 73.

The Tokyo Metropolitan Police Department concluded that Matsushita committed suicide and has closed the investigation, according to a police spokesman. They received an emergency call at 4:59 p.m. yesterday after his wife found him unconscious at his home in Tokyo, the spokesman said, adding Matsushita left several notes.

Prime Minister Yoshihiko Noda appointed Matsushita, a lawmaker from junior government coalition partner the People’s New Party, as part of a Cabinet reshuffle three months ago. Matsushita vowed to deepen the Financial Services Agency’s probe into the insider-trading scandal and restore confidence in the world’s second-largest stock market.

“I was so shocked to hear this sad news,” Noda told reporters at his official residence last night. “I’m lost for words. He always cheered me up during difficult times.”

Nomura’s Chief Executive Officer Kenichi Watanabe and Chief Operating Officer Takumi Shibata resigned in July after the FSA found that employees leaked information on share sales managed by the firm. In August, the agency ordered Nomura, Japan’s biggest brokerage, to improve its compliance.